G20 Finance Leaders Voice Concerns Over Trump’s Tariffs Impact
(MENAFN) Top financial leaders from the G20 nations voiced serious concerns about the damaging impact of US President Donald Trump’s aggressive tariffs on the world economy during a summit in South Africa, according to media on Friday.
On the opening day of the two-day G20 meeting, Japanese Finance Minister Katsunobu Kato expressed apprehension over the uncertainty surrounding US tariffs and its potential fallout on both economic performance and financial markets.
Tariffs, Kato emphasized, are not an effective solution to address trade imbalances.
In parallel to the G20 discussions, finance ministers and central bank governors from the G7 industrialized countries are slated to convene separately to deliberate on a variety of pressing topics, including support for Ukraine.
Since President Trump announced his "reciprocal" tariffs in April, global trade and financial markets have faced heightened volatility and unpredictability. The US imposed broad tariffs ranging from 10% to 50% on multiple countries, later granting a 90-day reprieve on most except China as of April 9.
Following a tense tariff standoff, Washington and Beijing reached a trade agreement last month in London, rolling back some of the punitive tariffs and other trade restrictions.
Meanwhile, several nations continue negotiating for more favorable trade terms, aiming to reduce tariff rates from the steep levels introduced by the US in April.
Trade deals have also been secured between the US and countries including the UK, Vietnam, and Indonesia.
Additionally, President Trump has notified various countries of the tariff rates they will face starting August 1, with the EU and Mexico set to pay 30%, Canada 35%, and Japan 25%.
In April, Trump further imposed a 25% tariff on all automotive imports and announced plans for new sector-specific levies, including 50% tariffs on copper imports and a staggering 200% tariff on pharmaceutical products entering the US starting August 1.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
